DUBLIN, IRELAND, Feb. 10, 2023 -- Spectrum.Life, a provider of employer health and wellbeing services, announced on Friday that it has secured €5M in a funding round led by Act Venture Capital with participation from new and existing investors. The investment brings the total raised by the Dublin-based company to €9m.

The €5M will be used to further develop and scale its platform, including the expansion of its team and the addition of new features and resources. The Irish company plans to reach 200 employees by the end of the month.

“We are thrilled to have the support of ACT and our other investors as we continue to grow and expand our innovative mental health, wellbeing, and digital health offerings,” says Stephen Costello, CEO of Spectrum.Life.

“Our goal is to make mental health and wellbeing support accessible to everyone, and this funding will allow us to bring our game-changing solutions to even more individuals and organisations,” adds Costello.

Launched in 2018 by Costello and founder Stuart McGoldrick, Spectrum.Life is set grow to 200 employees by the end of March, and now has 4m users across 2,500 clients in Ireland and the UK, including a number of British universities.

Spectrum.Life describes its approach as "holistic" and "end-to-end" and its support offering as more comprehensive than standard employee assistant programmes, the vast majority of which don't cover mental health unless the user is in crisis. The company offers mental health and wellbeing coaches, open-ended therapy, digital clinics, employee benefits advisory, and financial advice as part of its platform.

Only 5 per cent of users needed to be referred to long-term support after 6-8 sessions of counselling, claims the company.

“We are delighted to lead another round of funding into Spectrum Life,” said Debbie Rennick, general partner Act Venture Capital. “We have strong conviction in this market opportunity and in the Spectrum Life team and platform. The Company’s strong growth and success to date is only the beginning of a great future. We believe that their platform has the potential to make a significant impact on the mental health and wellbeing of individuals around the world, and we are proud to support their further growth with this investment.”